ED attaches 11 properties worth Rs 10.63 crore in J&K Bank fraud case
The Enforcement Directorate provisionally attached assets in Srinagar and Bandipora districts linked to the alleged misuse of a central employment scheme.
The Enforcement Directorate (ED) has provisionally attached 11 properties, including plots and buildings, valued at Rs 10.63 crore in the Srinagar and Bandipora districts of Kashmir, according to Telangana Today on Monday.
The action is connected to alleged irregularities in the Prime Minister's Employment Generation Programme (PMEGP), a Central sector credit-linked subsidy scheme.
The investigation follows two FIRs filed by the Anti-Corruption Bureau (ACB) and the Central Bureau of Investigation (CBI) in Srinagar regarding the misappropriation of loans.
The FIRs alleged that a criminal conspiracy involving borrowers, bank officials from the Sumbal and Gamud Gadkhud branches of J&K Bank, and other unidentified persons caused wrongful losses to the bank.
The ED stated that PMEGP loans were obtained by using fake invoices from non-existent companies and presenting dummy borrowers.
A survey conducted under Section 16 of the Prevention of Money Laundering Act (PMLA) found that 270 term loan accounts and 270 working capital accounts at the two branches had become non-performing assets (NPAs), with an outstanding amount of approximately Rs 32 crore.